13 Jul Increasing efficiency with cloud accounting
For businesses of any size, it’s vital to be as tax efficient as possible. Structuring your business and operations with your tax liability in mind will ensure that you aren’t overpaying when it comes to corporation tax and VAT.
Whilst all businesses are liable for tax in the United Kingdom, there are steps you can take to reduce your liability and increase business revenue instead. For small or medium businesses, however, this can be difficult to achieve.
With many smaller companies managing their accounts in-house, they can miss out on key advantages and tax efficient solutions to common business problems. By outsourcing your accountancy requirements, however, you can ensure that your business is fully compliant with the law and that your company benefits from more tax efficient processes.
How can cloud accounting help?
As in most sectors, the digital era has changed the face of accountancy and it’s now far easier for businesses to access expert help, such as VAT advice or assistance with payroll. Cloud accounting enables businesses to input data on a regular basis from any location. This data can then be examined by a qualified and experienced accountant and dealt with accordingly.
Whilst businesses once had to rely solely on receipts and paperwork, cloud accountancy makes life easier for business owners and operators. The ease of inputting data means that owners and managers are more likely to keep on top of outgoings and expenses, rather than letting them build up.
Additionally, requesting regular feedback and assistance from your accountant can help to identify areas of potential loss or excessive tax liabilities. Based on this, business managers can adapt their in-house processes and recoup these losses.
Is cloud accounting secure?
Although cloud accountancy requires the use of a remote server, your data is kept secure. In fact, it’s likely that remote servers used to facilitate cloud accountancy will have more advanced security technology than most businesses have in-house.
Furthermore, storing your data remotely means additional protection if your business is subject to a cyber attack or if your technological devices are infected with ransomware. Using cloud accounting doesn’t just enable you to process your accounts more easily, it effectively provides a back-up of your accounts which you can access from anywhere, should you need to do so.
To find out more about the benefits of cloud accounting for your business, why not contact us today?